Everyone Quotes - page 65
The proof of the pudding is in the eating. There was a widespread myth of the 1970s, a myth along Tom Kuhn's (1962) Structure of Scientific Revolutions lines. The Keynesianism, which worked so well in Camelot and brought forth a long epoch of price-level stability with good Q growth and nearly full employment, gave way to a new and quite different macro view after 1966. A new paradigm, monistic monetarism, so the tale narrates, gave a better fit. And therefore King Keynes lost self esteem and public esteem. The King is dead. Long live King Milton!
Contemplate the true facts. Examine 10 prominent best forecasting models 1950 to 1980: Wharton, Townsend–Greenspan, Michigan Model, St. Louis Reserve Bank, Citibank Economic Department under Walter Wriston's choice of Lief Olson, et cetera. ... M did matter as for almost everyone. But never did M alone matter systemically, as post-1950 Friedman monetarism professed.
Paul Samuelson
God hath in truth testified in His Book and so also have testified the company of His angels, His Messengers and those endued with divine knowledge, that thou hast believed in God and in His signs and that everyone is guided aright by virtue of thy guidance. This is indeed a boundless grace which God, the Ever-Living, the Self-Subsisting, hath graciously conferred upon thee aforetime and will confer hereafter. And since thou didst believe in God before the creation, He hath in truth, at His own behest, raised thee up in every Revelation. There is no God but Him, the Sovereign Protector, the All-Glorious.
Báb